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A reader asks:
Can you tell me how to make a million pounds?
Yes and best of all it’s very very simple – in fact anyone can do it!
How?
The easiest way to make a million pounds is to start your own business, using that business making a million is simply a matter of following this very simple formula:
£1M = P x S
Where £1M is your target earnings, P is the profit you make on each sale and S is the number of sales you need to make make. If we use the formula we can work out some numbers:
| Profit Per Sale | Number You Need To Sell |
| £1 | 1,000,000 |
| £10 | 100,000 |
| £100 | 10,000 |
| £1,000 | 1,000 |
| £10,000 | 100 |
So if, for example, you make £100 profit on a sale you just need to make 10,000 sales.
Is it really that simple?
Yes. Making a million, or even several million is simple. However just because it’s simple it’s not necessarily easy. You’ll need to find a business idea that you like, then you’ll need to learn how to build or buy your product, market it, sell it and deliver it. You’ll also probably need to raise to some start-up capital too. Again most of that is simple, but it still requires you to work hard and that’s something that gets overlooked far too often – you don’t have to be smart to make a million, but you do have to be prepared to work hard, often for several years.
Asking John:
Do you have a business question you would like me to answer? If so you can Ask John, inquire about using me as your Business Consultant or or you can ask on the forums where you’ll get both my input and that of your fellow entrepreneurs.
Photo by: austinevan.
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This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
[...] My fellow blogger over at Business Opportunities and Ideas blogged back in November 2008 about How To Make A Million Pounds. See his original article here. [...]
Great column, I have always wanted to start a successfull business, after reading how to make a million, i decided to go for it and start selling products after many months of finding legit companys selling wholesale and discounted items, i started selling and was over the moon as i pulled in exactly 3,000gbp in sales within 3 days, now only problem is what can i do to keep up the good work, what are the best ways to ensure positive sales, advice would be appriciated, Thanks,